Today is Cyber Monday and retailers are bracing for the busiest online shopping day of the year as 131 million consumers are expected to score deals, up from 129 million last year according to the National Retail Federation.
A separate survey from Nielson further indicates that 46 percent of respondents plan on shopping online today, up from 30 percent a year ago. Nearly one-in-four holiday gift givers plan to do more online shopping for gifts than they did last year.
Most online shopping activity for Cyber Monday is expected to occur between 6:30 p.m. and 10 p.m. local time, peaking at 8 p.m., much later than the typical 1 p.m. to 3 p.m. window on most Mondays according to 2012 data aggregated from 300 retailers by digital marketing platform ValueClick. The percentage of customers shopping online on Cyber Monday is 5.5 times higher than that of a typical weekday, with retailers estimated to rake in up to 10 percent of their quarterly revenue as a result.
While most transactions will occur in the early evening hours, employers should expect some online shopping to take away from productivity during the work day. Results from Chicago-based Careerbuilder's annual Cyber Monday study indicate that 54 percent of workers expect to spend some time at work shopping online, up from 49 percent last year.
If Thanksgiving Day online sales are any indication, this year's Cyber Monday is expected to draw in big numbers. For the first time in history, online sales on Thanksgiving topped $1 billion, an 18 percent increase from last year's Turkey Day, according to an Adobe Digital Index 2013 report, and Cyber Monday is another day consumers are expected to point, click and shop.
Brick-and-mortar stores are also getting in on the Cyber Monday action, ironically. Last year, retailers saw a 38 percent increase in visits to stores on Cyber Monday
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